Core Viewpoint - The anticipated cryptocurrency market structure bill in the U.S. has been delayed due to intense debates over the treatment of stablecoins, shifting the sentiment from optimism to anxiety within the crypto industry [1]. Group 1: Legislative Developments - The U.S. Senate Banking Committee postponed discussions on the cryptocurrency market structure bill after Coinbase withdrew its support for the latest version [1]. - The committee's chairman, Tim Scott, stated that the delay is due to ongoing bipartisan negotiations, without providing a new date for the discussion [1]. Group 2: Industry Reactions - Coinbase and other digital asset companies strongly oppose provisions that would limit their ability to offer yields or rewards on stablecoin holdings [1]. - Coinbase argues that their practice of providing interest on user-held USD stablecoins (USDC) is merely a "marketing reward" rather than "deposit interest," which banks fear could lead to high-interest deposit gathering without regulatory constraints [1]. Group 3: Implications for the Crypto Market - The latest proposal suggests banning cryptocurrency exchanges from offering rewards related to stablecoin holdings, although some types of rewards may still be permitted [2]. - The ambiguity in the wording regarding what types of rewards are allowed could lead to reinterpretation and disadvantage U.S.-regulated crypto companies compared to their overseas counterparts [2]. - Stablecoins have become a crucial pillar in the cryptocurrency sector, with their usage surging since the U.S. passed relevant regulatory legislation last July [2]. Group 4: Concerns Over Regulatory Clarity - The delay in the bill's discussion raises concerns that the U.S. may become one of the few major digital asset centers without clear capital market rules by 2026 [2]. - Industry leaders worry that the stalemate over stablecoin regulations could hinder the U.S. regulatory framework from keeping pace with other markets [2].

这项名为《2025年数字资产市场清晰度法案》(Digital Asset Market Clarity Act of 2025)的法案，将"数字 商品"定义为其价值"内在地与区块链的使用相联系"的数字资产。该定义将排除证券、衍生品以及稳定 币。该法案明确了商品期货交易委员会(CFTC)与证券交易委员会(SEC)在加密货币监管中的职责分工， 并概述了加密领域相关实体所需遵循的注册与合规标准。 参议院银行委员会主席蒂姆・斯科特表示："这项法案的核心目标，是推动美国成为全球加密货币产业 中心——让下一代就业岗位与创新成果落地本土，而非流向海外。当我们建立起清晰明确的监管规则， 就能为企业家注入信心，推动他们在美国本土创办企业、雇佣员工、发展壮大。" Galaxy Research研究主管Alex Thorn表示，有关是否将去中心化金融(DeFi)纳入反洗钱规则的讨论，可 能是最具深远影响的议题。他指出："其他仍在谈判中的内容还包括稳定币储备所产生收益的处理方 式、对非托管型开发者的保护，以及SEC授权或限制代币发行的权限。" 智通财经APP获悉，美国参议院的两个委员会计划于本周四就一项加密货币市场结构法案举行修订听 ...